All Selling Agents need to be aware that that a new version of the Form 14 (Information Sheet) under the Body Corporate and Community Management Act 1997 comes into force from Thursday 1 August 2013 (version 11). Please note that from 1 August 2013 the current form 14 (version 10) will be withdrawn.
Copies of the form are available either from:
• the website of the Office of Fair Trading; or
• the Office of the Commissioner for Body Corporate and Community Management website or free call 1800 060 119
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There is no transitional period. This means that contracts that are now in the process of being signed or issued will need to be carefully managed.
The current form (version 10) still has to be used for contracts issued and fully signed and dated up to and including 31 July 2013. The new form must be used for all contracts issued or signed (by either seller or buyer) on or after 1 August 2013. Failure to use the correct form may give the buyer termination rights.
There are also some other changes to disclosure requirements effective from 1 August 2013 being:
— the removal of the obligation to provide a copy of theCMS to the buyer of a registered lot (but a copy of the proposed CMS must still be provided to off the plan buyers), and
— the removal of some wording in disclosure about the extent to which annual contributions are based on the contribution schedule lot entitlements or the interest schedule lot entitlements and that the lot entitlements are set out in the CMS.